Elevated supply levels placed downward pressure on prices in December.
With the focus shifting toward the holiday season, December sales activity slowed to 878 units in the city, 18 per cent below last year at this time and well below the five and 10-year averages.
As a result, the unadjusted benchmark price dipped to $448,800, a 0.42 per cent decline over the previous month and 2.33 year over year. CREB® chief economist Ann-Marie Lurie noted December followed a pattern established early on in 2015, which was characterized by slower housing demand. “Economic uncertainty, followed by weak economic conditions and job losses, contributed to slowing housing demand throughout the year,” she said.
On an annual basis, sales activity declined by 24 per cent in the detached sector and 33 and 28 per cent in the apartment and attached segments, respectively.
While December prices for both the detached and attached sectors were 1.91 and 1.29 per cent lower than levels recorded at the beginning of 2015, on an annual average basis, they remained 1.35 and 1.84 per cent above 2014 numbers.
Anyone who has been following the media reports on real estate knows that the Calgary Real Estate Market in general has corrected. However the data shows that some market segments are less affected than others. In the City of Calgary the Apartment sector has been the hardest hit with less than 9% of available apartments selling in the month of December.
For those who are selling, it is vital to know how the market is performing for your specific type of property!
Please feel free to contact us with any questions you may have.
Download Calgary and Area Real Estate Statistics – December 2015
If you are curious about the current market value of your home, or market conditions in general, please feel free to contact us.
Hope this helps!
Susanita de Diego
